Draw a supply and demand curve and note the point of equilibrium. Illustrate and discuss what happens in the following instances:
-Before proceeding here, consider why we observe an equilibrium, why is not
more or less produced than the equilibrium?-
a) There is an increase in demand (What might cause this?).
b) The increase in demand is coupled with a decrease in supply (What may
cause this?). What happens to price and quantity​